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Category Archives: Bankruptcy

Category Archives: Bankruptcy

The new bankruptcy rules are coming!

6 September 2011 The United States Supreme Court has approved significant changes to the Rules of Bankruptcy Procedure that will take effect 1 December 2011. The most notable changes are to Bankruptcy Rule 3001 regarding requirements for creditors in the claims they make in bankruptcy cases in general; and the addition of Bankruptcy Rule 3002.1 […]

What happens if my first bankruptcy filing was dismissed and I file for bankruptcy again?

1 September 2011 The answer is that there are ramifications if the first case was dismissed within a year of the second filing. Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) and most of its provisions became effective in October 2005. This law was a sweeping change to the bankruptcy code. Section […]

Can I get a loan modification while in chapter 7 bankruptcy?

1 August 2011 The answer is yes. However, chapter 7 may not be the way to go if a loan modification is your goal. Many considerations are in order. People desirous of a loan modification want to keep their residential home, but at the same time they may not be able to afford the current […]

Can bankruptcy eliminate(discharge) a social security overpayment?

If this question caught your eye, you may have recently received a written demand from the social security administration to repay an overpayment and possibly a notice stating that future benefits will stop as well. This is a double whammy. It can be a mental shock, and no doubt will be a major change to […]

Can bankruptcy eliminate(discharge) a social security overpayment?

6 July 2011 If this question caught your eye, you may have recently received a written demand from the social security administration to repay an overpayment and possibly a notice stating that future benefits will stop as well. This is a double whammy. It can be a mental shock, and no doubt will be a […]

Will filing bankruptcy stop a criminal charge that is based on the allegation of non-payment of a debt?

2 June 2011 In a prior post, the subject of what the automatic stay was and how it generally worked was addressed. Here we go into some detail about the automatic stay’s effect on criminal charges. To clarify, the types of criminal charges we are discussing is typically named or described as: larceny (by trick), […]

What is the automatic stay in bankruptcy?

2 June 2011 When someone files for bankruptcy the automatic stay arises. 11 U.S.C. § 362(a). It is just what the name says. It is automatic, which means no further acts are needed for its arising. Sunshine Dev., Inc. v. FDIC, 33 F.3d 106, 113 (1st Cir. 1994). And it is a stay, which means […]

Can I keep an inherited IRA when I file for bankruptcy?

21 May 2011 There is no definite answer to this question, as the law is in a state of flux. So the answer is, maybe, maybe not. An initial suggestion for one who will file for bankruptcy and has an inherited IRA is to make sure that your lawyer (and you should have a lawyer) […]

Can I keep my IRA if I file for bankruptcy?

21 April 2011 The answer is: most likely. The exemption scheme you choose is important. To understand the basics of what is happening with respect to assets when someone files for bankruptcy, please read the blog posted on 15 April 2011. Now that you have the introduction, we can take it to another level. Protecting […]

Can I keep my assets if I file for bankruptcy?

15 April 2011 The answer is: most likely, but it depends. This, and other questions a person that is contemplating bankruptcy may have, are very important because of what is at stake — your assets (at a minimum). To understand the answer to this question, one must understand what is in (legal) operation during a […]